ONGC's Q1FY19 results were a miss to our estimates on the back of one-off forex loss of Rs9 bn. Adjusting to this, result is largely in line with our estimates and above consensus estimates. Revenue was up by 42.7% YoY to Rs272bn, EBITDA grew by 49.1% YoY to Rs147bn while net profit rose 58.2% YoY to Rs61bn. Positively, the company didn't bear any subsidy and it's net oil realization grew 40.1% YoY to US$71.5/bbl, highest since Q2FY12. However, oil volume declined 3.5% YoY to 6.2mmt, while gas production volume was up by 3.2% YoY to 6.2bcm. We are raising net oil realization to US$69/63/bbl in FY19/FY20E from US$60/bbl. We raise our TP to Rs236 from Rs214. Maintain high conviction BUY....